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Sweden raises USD 2 billion in three-year bond at 1.742 %
Press release 29 March 2017
Kingdom of Sweden raised USD 2 billion (approximately SEK 18 billion) in a new three-year benchmark at a yield of 1.742 per cent. The proceeds will be used to refinance loans to the Riksbank.
The transaction was priced at mid-swaps minus 6 basis points, which is the tightest spread of any benchmark USD transaction in 2017 year to date. A total of 56 investors took part with the bid volume exceeding USD 3.4 billion.
– It was positive to see such strong demand considering our six months’ absence from the dollar market, says Maria Norström, Head of Funding at the Swedish National Debt Office.
| Issuer |
Kingdom of Sweden |
|---|---|
| Size |
USD 2 billion |
| Coupon |
1.625 % s.a. |
| Maturity date |
6 April 2020 |
| Price |
99.659 % |
| Yield |
1.742 % s.a. |
| Spread versus USD mid swaps |
Minus 6 basis points |
| Spread versus US benchmark |
21.95 basis points |
| Lead managers |
Barclays, Citigroup, NatWest Markets |
Since the Debt Office released its latest issuance plan in February, the Ministry of Finance has published a proposal on the Riksbank’s financial independence. Should the proposal be approved by the Riksdag, the Debt Office’s foreign currency funding would be affected. The Debt Office will release a new issuance plan in June 2017.
Distribution by investor
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Contact
Anna Sjulander, Deputy Head of Funding, +46 (0)8 613 47 77